Recent U . S . beef export demand also underscores the negative global impact of COVID-19 .
U . S . beef exports in May were a staggering 33 % less in May than a year earlier at 79,280 metric tons ( mt )— the lowest monthly total in 10 years — according to data released by USDA and compiled by the U . S . Meat Export Federation ( USMEF ). Value was 34 % less than the same time last year at $ 480.1 million .
The previous month , beef export volume was down 6 % from a year earlier .
“ As protective measures related to COVID-19 were being implemented , plant disruptions peaked in early May with a corresponding temporary slowdown in exports ,” explains USMEF President and CEO Dan Halstrom . “ Unfortunately , the impact was quite severe , especially on the beef side . Exports also faced some significant economic headwinds , especially in our Western Hemisphere markets , as stay-at-home orders were implemented in key destinations and several trading partners dealt with slumping currencies .”
Beef production played a role in the precipitous decline , but higher prices and economic turmoil wrought by COVID-19 were likely factors , too .
“ It is not clear how much of the drop in May beef exports was due to reduced supply and how much was due to reduced demand because of global recession ,” Peel says . “ Beef production dropped 19.7 % in April followed by a 19.9 % drop in May . There is little doubt that May
beef exports were curtailed in part simply due to a lack of available product . No doubt , some export orders were simply unable to be filled in May . It is likely , however , that part of the decrease in beef exports was due to macroeconomic weakness in some countries , combined with higher U . S . beef prices . Choice boxed beef prices increased to a monthly average of $ 263.35 / cwt . in April , up from the March level of $ 228.05 / cwt . May Choice boxed beef prices increased to $ 420.00 / cwt ., up 84.2 % over the March levels .”
ABOUT THE AUTHOR : Wes Ishmael has been involved with livestock publications since 1983 . Wes grew up in Colorado and has always been in and around the livestock business . He now lives in Benbrook , Texas .
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